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ISLAMIC DEVELOPMENT BANK

ISLAMIC DEVELOPMENT BANK. The Islamic Development Bank is a unique aid institution, as all its funding is on an interest-free basis using financing techniques which are permissible under sharI `ah. It is a development assistance agency rather than a charity or a commercial bank, but, given that overheads are not fully covered, there is an element of subsidy in much of its funding. The paid-up capital in early 1993 of over two billion Islamic dinars was provided entirely by the governments of the ...more

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